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Markets Rally on Europe's Party


Today's financial recap and tomorrow's financial outlook.

Today at T3 Live

Daily Market Report author Jeff Cooper, conducted a trade on Fitbit (FIT), a stock hot off its IPO. This morning he entered trade at $38.40 a share, and held on for an upswing, cashing out at $41 a share, making for a profit of approximately 6.7%!

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Daily Recap

Markets rallied after Greek Prime Minister Alexis Tsipras signaled that he may accept bailout terms that it previously rejected.

Econ data was mixed. Mortgage applications fell more than expected. Challenger job cuts rose well above expectations, up 42.7%.

Employment data came in better than expected. Construction spending rose, while manufacturing numbers were in-line with expectations.Wars' Vehicle sales data came in below expectations.

All major indices finished up. The S&P 500 and DJIA gained about 0.75%, while the NASDAQ rose 0.53%.

The Russell 2000 gained a modest 0.2%.

Oil prices slumped today on progress in Iranian nuclear talks and a rise in US crude stockpiles after two months.

Yields rose as investors sold off bonds and headed towards equities.

The dollar rallied strongly against all major currencies today. Gaining nearly a full percentage point against the euro. The dollar gained 0.78% against the Canadian and Australian dollar, and 0.56% on the yen.

Regional banking, real estate and consumer staples were the top sectors of the day.

Energy was the biggest hit with the drop in oil prices. Social media and cyber security fell slightly. Airlines fell as well on headlines that the Department of Justice was investigating a possible collusion among companies on airfare.

Fitbit (FIT) continued to power up, setting a new all-time high of $42.38. Shares rallied 10.86%.

Teladoc (TDOC) performed well on its first day of trading, gaining 50%

Ambarella (AMBA) fell slightly, closing down -0.79%

European markets rallied on the Greek news, posting strong gains. The German DAX rallied 2.15%, the French CAC rose 1.94%, and UK's FTSE gained 2.1%.

European bond yields rose as well. Both the German and French 10-year yield jumped 4.9 bps as investors regained confidence in the market.

Asian markets rallied as well, with China posting losses. The Nikkei and Hang Seng Index rallied 0.46% and 1.09%, respectively. The Korean Kopsi gained 1.14% and Australia's ASX rose 1.04%. Meanwhile, the Shanghai Composite tumbled 5.23%.

Thursday's Financial Outlook

US economic data will feature the highly anticipated jobs report for June, ISM New York, EIA energy reports, and the Baker Hughes rig count.

Overseas economic data will feature Markit report for UK construction, RBC's report on Canadian manufacturing, Australian retail sales, Markit Japan Composite, and HSBC China Composite.

There are no notable earnings reports for tomorrow.
No positions in stocks mentioned.
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